Anthropic backers pre-IPO valuations have become a story in their own right. The AI lab’s latest private valuation stands at $965B, and an initial public offering is expected this year at a valuation of up to $2T. Bloomberg reported stake values for several investors based on the price of the last funding round. The result is a set of paper gains that already run into the billions — and, for the earliest backers, into the tens of billions.
Coatue: a fast, large bet
Coatue first backed Anthropic in 2025, when the company was valued at $183B. It went on to co-lead Anthropic’s last two funding rounds and has invested $4.75B in total. At the last round price, that stake is now worth about $7.5B, according to a person familiar with the matter. Coatue declined to comment.
Eric Schmidt's early stake
Eric Schmidt invested in Anthropic’s Series A in 2021, when the company was valued at $461M, according to PitchBook data. He owns about 1% of Anthropic. At the current private valuation, that stake is worth nearly $10B.
Iconiq and Menlo: late-stage scale
Iconiq invested $6B in Anthropic last year at a $183B valuation. Its stake is now worth $17B and could double at IPO. Menlo Ventures led Anthropic’s Series D and has invested more than $1B in total. Its stake is now worth $14B.
Sequoia: a recent, quick double
Sequoia first backed Anthropic earlier this year, when the company was valued at $380B. It invested $3B for about 1% ownership and has already more than doubled its investment.
Sound Ventures and Spark Capital: the 2023 cohort
Sound Ventures invested $35M in Anthropic’s 2023 Series C and added $400M more. Its stake is now worth billions. Ashton Kutcher, a co-founder of Sound Ventures, left the firm this year. Spark Capital put $75M into the same 2023 Series C, when Anthropic was valued at $5B. Its stake is now worth $7B, a more than ninetyfold increase. Spark Capital is the only venture capital firm known to hold an Anthropic board seat.
The exact IPO date and final valuation remain unknown, as does whether the listing will happen this year. But the reported figures show how much value has already accumulated on private balance sheets — and how much could be realized if the public market confirms the latest private marks.
